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House Price Crash Forum


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Everything posted by carrick01

  1. Have I look at the legal aid payment list in Northern Ireland - don't think they are on minimum wage. Some barristers and solicitors will not do legal aid because it doesn't pay enough - have to wonder how much they are being paid. Legal aid here is 30% higher (cost of) than it is in England - if any real public sector cuts happen here this will not continue. In this case a house has gone at least 50% higher than RV. Don't see any other examples where they are getting this high - but i can only really check one estate agent online for current offer
  2. If they are buying the property for cash and are not mortgage slaves then good luck to them. The jobs you mentioned are reliant on a large public sector and large public sector spending. This may go on forever and it may not
  3. Thanks for the info - interesting to know. To me this still a semi-detached (rateable value £200k) on a busy car polluting main road in and out of belfast - not great for your children and their lungs. No garage for your nice expensive car - I know that you don't usually put a car in the garage but it normally adds value.
  4. UK interest rate to settle at 3%, predicts Bank of England deputy governor http://www.bbc.co.uk/news/business-27563346 The official UK interest rate will settle at an average of 3% in a few years, the outgoing deputy governor of the Bank of England has predicted. Charlie Bean suggested it was likely to reach that level between 2017 and 2019. The rate has been at the historic low of 0.5% since March 2009 and the Bank's governor has indicated it will not start rising before next spring. But Mr Bean told BBC Radio 4's The World This Weekend there were economic advantages to beginning earlier. Mr Bean is a member of the Bank of England's Monetary Policy Committee, which sets interest rates. The UK interest rate fell to 0.5% in the wake of the worldwide financial crisis in 2008. It has been kept at that level amid concerns that the finances of many individuals and businesses remain too weak to withstand a rise. But recent worries about rising house prices in parts of the UK and evidence that the economy is strengthening have intensified the debate over when rates might start to increase. BBC News business correspondent Andrew Verity said Mr Bean's comments shed light on the views of the members of the committee, whose opinions on raising rates are reported to be becoming "more balanced". An interest rate of 3% would be two points below the average before the banking crisis but at the top end of the range previously indicated by Mr Bean and the Bank of England Governor Mark Carney. Mr Bean told the BBC: "There's a case for moving gradually because we won't be quite certain about the impact of tightening the bank rate given everything that has happened to the economy. "It might not operate in quite the same way as before the crisis. So that's an argument if you like for being a bit cautious, moving in baby steps to avoid making mistakes. "If you want to pursue that strategy you need to start taking those baby steps a bit earlier, otherwise you end up being behind the curve." He added that his worry now was that financial markets were being complacent, failing to factor in risks to the global economy, from instability in the Ukraine to rate rises in the US.
  5. Useful site for checking crime in an area you are interested in http://www.police.uk/ Type in postcode and zoom into the area you are interested in buying.
  6. Ravenhill property is now sale agreed. http://www.templetonrobinson.co.uk/Property/belfast/TRLTRL68436/688-ravenhill-road/979203/ Nice refurb but it would be crazy if it went for the asking price or even near it
  7. Uk wide but would apply to Northern Ireland Bank chief Mark Carney warns over housing market http://www.bbc.co.uk/news/business-27459663 The governor of the Bank of England has given his strongest warning yet about the dangers to Britain's economy posed by the booming housing market. Mark Carney said the market represented the "biggest risk" to financial stability and the long-term recovery. He added there were deep structural problems which needed to be addressed. In an interview to be shown later on the Murnaghan show on Sky News, he said the housing market had the potential to threaten the long-term recovery. He said the Bank of England was "closely watching" rising property prices and the subsequent increase in large-value mortgages, which he warned could lead to a "debt overhang" which could destabilise the economy. Homes shortage Mr Carney said: "When we look at domestic risk, the biggest risk to financial stability and therefore to the durability of the expansion [of the economy] those risks centre in the housing market." He said the fundamental problem was a shortage of homes - and the Bank of England had no solution to that. Instead, he said it would ensure banks had enough capital to withstand the risks of lending, and check lending procedures to ensure mortgages were given only to those who could afford them. He added: "There are not sufficient houses built in the UK. To go back to Canada, there are half as many people in Canada as in the UK, twice as many houses are built every year in Canada as in the UK and we can't influence that. "What we can influence is whether the banks are strong enough. Do they have enough capital against risks in the housing market, whether underwriting standards are tough enough so that people can get mortgages if they can afford them? "And by reinforcing both of those we can reduce the risks that come from a housing market that has deep, deep structural problems." The Nationwide Building Society has said annual house price growth in the UK rose by 10.9% in the year to April - the highest inflation rate for seven years. It said the average UK house price now stood at £183,577. Figures published by rival lender the Halifax, meanwhile, suggested UK house prices had risen by 8.5% year-on-year. It said the average house price in the UK was £177,648.
  8. Irish debt upgraded by Moody's rating agency Moody's http://www.bbc.co.uk/news/business-27450300 The credit rating agency Moody's has improved its outlook for Ireland's debt, grading the country as "stable". Analysts raised their rating by two notches, from Baa3, to Baa1, citing Ireland's improved growth. Until recently, Moody's classed Ireland's debt as "junk". At the height of the eurozone debt crisis, Ireland was forced to accept a 67bn euro (£57bn) lifeline from European authorities and the International Monetary Fund (IMF). It left the bailout programme in December last year. An upgraded mark means more investors can buy Irish debt. In a statement, Moody's said the primary driver of the rating upgrade was "the significantly improved outlook for Ireland's medium-term debt trajectory". It added that indicators show that "economic activity is gathering pace and that the one-off factors that held back export growth in 2012-13 are waning". A recovery in the Irish property market and the country's improved credit position also impressed the agency
  9. If some people think that any person that takes a job paying £19k are desperate then they are entitled to have that opinion. This year there was 1000 people that applied for 30 restaurant jobs (zero hours?, part time?, low paid?). Again have a read of this http://www.belfasttelegraph.co.uk/news/local-national/northern-ireland/shocking-new-report-by-princes-trust-shines-light-on-link-with-youth-unemployment-and-depression-29882411.html There was job losses at the firm a number of years but I think a lot of firms had a few problems at the same time. Think there was some kind problem in the world economy. They seem to have increasing their employment by 150 in the last year http://www.belfasttelegraph.co.uk/business/top-100-companies/company-list/38-wrightbus-29216324.html The "Enterprise Agency" has limited resources but I think in the last 2 years it has handed back £40m. Don't think there is 100s of firms trying to invest just yet. When there is we can start insisting on high pay jobs but I don't think there will be many manufacturer jobs if we do
  10. Some people on this site seems to have not ever experience how much unemployment destroys you. In my 20s i was unemployed for less than year but and would have done anything for a "low pay" job like this at that time - if I lost my job now I would somehow learn how to survive on £19k. It would be great if all manufacturing jobs would pay over £21k but we are in a world of globalisation - it ain't going happen. Not all investni jobs can be high paying IT and consultant jobs because not all the current Northern Ireland unemployed are skilled for these jobs. Not every person employed in these jobs are going to have a partner with 2 children both in childcare.
  11. Its changed from a £1 to £1.25 million, a 124,999,900% increase
  12. maybe some good news out of bad news http://www.bbc.co.uk/news/uk-northern-ireland-25979723 MJM Marine buys Mivan factory and assets The assets of Mivan, the Antrim construction firm, have been sold to the MJM Group, based in Newry, County Down. Mivan went into administration earlier this month and later closed with the loss of about 250 jobs when it could not be sold as a going concern. However, MJM has now bought Mivan's factory premises. MJM will continue to trade under the Mivan name and will create between 40 and 50 jobs. The Newry firm specialises in marine interiors and fitting-out cruise ships, which was also one of Mivan's main businesses.
  13. Rating agency Moody's upgrade Irish Government Bonds http://www.rte.ie/news/2014/0117/498632-moody-upgrade/ Rating agency Moody's has upgraded Irish Government bonds from junk status tonight. The organisation was the only remaining body which continued to categorise Ireland's bonds as junk. While Moody's has upgraded Ireland to investment grade, i.e. a Baa3 rating, it has also changed its outlook on the country from stable to positive. Until now certain investors were blocked from buying Irish bonds of because Moody's position. Analysts expect the announcement to immediately have a positive effect on Ireland's Government bonds on Monday morning when markets reopen. Minister for Finance Michael Noonan welcomed the positive move by Moody’s which now means Ireland has investment-grade status with all three of the main ratings agencies for the first time since July 2011. Mr Noonan said: "The decision by Moody's to upgrade Ireland's credit rating reflects the significant progress that has been made in stabilising the public finances, restructuring the banking sector and, most importantly, growing the economy and creating jobs. “Ireland is now rated at investment grade by all of the major credit rating agencies, highlighting the major improvement in investor sentiment towards Ireland. "The change in the outlook accompanying Ireland's rating from stable to positive reflects Moody's expectation of a sustained recovery in the Irish economy and improved debt dynamics. He continued: “We successfully exited the EU/IMF programme on the 15th of December and raised €3.75 billion on the financial markets last week (7th of January) at competitive rates. “In their decision today, Moody's cited the exit from the programme on schedule, with improved solvency and restored market access, as a key driver of the upgrade. "Today's upgrade will have benefits for the economy as a whole by putting downward pressure on the price of credit for companies and organisations in Ireland who are reliant on the financial markets for funding." Meanwhile, National Treasury Management Agency Chief Executive John Corrigan said: "I am pleased to note that one of the main drivers for today's upgrade was Ireland's restored market access. "The change to the ratings outlook represents a positive context for future rating reviews."
  14. Looking at quite a few houses at the moment which includes newer developments. One thing I have noticed is a lot of the newer developments, don't have proper fences/walls/hedges defining the boundary (at the front). Was this some stupid planning policy or is it just a way of hiding how small the plot of land is? Would put me off a lot of newer developments. Maybe BelfastVI would know?
  15. Ulster Bank: IBOA union raises fears over jobs and pay http://www.bbc.co.uk/news/uk-northern-ireland-25792343 A union which represents bank workers has said it fears Ulster Bank could be preparing to announce job losses. The Irish Bank Officials' Association (IBOA wrote to its members on Friday warning that a review of the bank's operations could have major implications for employees. It is concerned it could mean compulsory job cuts, reductions to pay and more branch closures. Details of the bank's plans will not become clear until next month. Ulster Bank is due to announce its annual results in February. But it is not yet clear how any cuts will be imposed across the bank's different operations. In November, Ulster Bank's parent company RBS said it was committed to operating across the island of Ireland. But the bank announced a review which it said was aimed at finding a "viable and sustainable business model" following years of heavy losses. That implied some more unpleasant news for staff and their trade union now seems to be preparing for the worst. In recent years, Ulster has been the weakest part of RBS, which is majority owned by the UK taxpayer after it had to be bailed out in 2008.
  16. from the Belfast telegraph http://www.belfasttelegraph.co.uk/news/local-national/northern-ireland/two-solicitors-among-nine-in-court-over-mortgages-scam-29927776.html Two solicitors and an independent mortgage adviser are accused of being embroiled in a mortgage scam involving hundreds of thousands of pounds. Two solicitors among nine in court over mortgages 'scam' Nine people appeared in the dock at Coleraine Magistrates Court yesterday in connection with the alleged fraud. They face a total of more than 100 varying charges including fraud, deception, false accounting and acquiring criminal property. Many of the charges relate to the purchase of 32 properties throughout the north coast. A police officer told the court the investigation into the alleged illegal activities was far-reaching and thorough. article continues........
  17. NAMA Chairman Frank Daly says property crash is over http://www.rte.ie/news/2014/0117/498503-property/ The chairman of the National Asset Management Agency has said he believes the property crash in Ireland is over. Speaking at a breakfast briefing in Cork, Frank Daly said that property prices have begun to move off the bottom and that the property market has moved into a different phase. Mr Daly said the recovery was not "homogeneous", but was occurring more quickly in Dublin and in particular parts of Dublin. He said, however, that he expected the recovery will spread to places such as Cork and then to other parts of the country. He said he believed that the change was occurring in both the residential and commercial property sectors. Mr Daly said signs of recovery were evident in increased interest in NAMA properties, as well as in increased investor interest in Ireland. People buying houses now have confidence that they are not going to move into negative equity on the day they buy their properties, he said. Mr Daly predicted that there will be a steady trend of greater confidence returning to the Irish property market. He said he expected strong demand for prime properties, and part of NAMA's job would be to work to make prime properties available to the market as they are required. He said he believed there would be steady but not spectacular growth in the residential property market and NAMA itself would be funding the construction of up to 4,000 houses over the next couple of years. Asked if NAMA would take more risks to help stimulate the Irish property market, Mr Daly said there would be no return to the highly-speculative approach that fed into the property crash. There were enough monuments to the extraordinarily speculative investment that contributed to the crash and NAMA would not be adding to them, he said. However, he said NAMA was making decisions "every day" about investing in the property market, and those decisions were based on a strong and defensible rationale, where there would be a better return for taxpayers in the future. Mr Daly said NAMA will soon begin to sell more property. The agency will not hoard property, but neither would there be a fire sale, he added. He said NAMA will not flood the property market and that delivery of property to the market would be responsible.
  18. Many Britons 'fear mortgage arrears' http://www.bbc.co.uk/news/education-25577567 More than a third of people renting or with a mortgage in Britain expect to struggle to keep up with payments during 2014, a survey says. The poll of about 3,600 people for homelessness charity Shelter suggests those with children are worst affected. Some 70% of these say they are already finding it tough to keep up with payments or have fallen behind. And one in 11 people say they fear they will not be able to meet their commitments this month. Shelter commissioned YouGov to survey 4,085 adults - 3,675 of whom pay rent or mortgage in England, Wales or Scotland - during November last year. They were asked how they had been faring in paying their rent or mortgage and how they expected to fare in the New Year. 'Binning letters' The charity also warned of a worrying "ostrich effect" of people being unable to face up to their financial difficulties. A worrying one fifth of people, 18%, say they have deliberately not opened post in case it was a bill or late payment reminder. One in eight (14%) people also admit to putting correspondence in the bin without opening it. Liz Clare, a helpline adviser at Shelter, said: "We're now seeing a stream of cases of families who've been unable to cope with mounting rent or mortgage bills and feel at breaking point. "We all know how difficult it can be to face up to financial problems and we often hear from people who've been avoiding urgent post, but the reality is that not confronting it means things can spiral out of control. 'Worrying start to 2014' "One caller to the helpline arrived home to her rented flat to find the locks had been changed. She hadn't realised that a court hearing had even taken place because she hadn't felt able to open her post after falling into arrears with her rent." Campbell Robb, chief executive of Shelter, which helps a million people a year with housing problems, said that despite recent discussion of an economic recovery, a combination of high housing costs, wage freezes, and rising food and energy bills had created a "nightmare scenario" for many families. He said: "It's a worrying sign of the times that so many are starting the New Year worried about how they'll pay their rent or mortgage in 2014. "Unless they get help, some of the families struggling now could face the very real prospect of losing their home this year."
  19. From reading the above link again, these mortgages are only for existing customers - your own bank may have a version of it.
  20. No bank will give you a buy to let mortgage of £200k on a house worth £125k. 75/80% would normally be the most any would. Would get the value of the house in Belfast assessed because some areas have definitely improved. I would guess that it you had a good credit history with your existing bank they would be the best position to decide if you could afford the extra debt (more than 300k of debt - would normally need a income of over £75k a year). I don't know if this applies to you. From this article there seems to be 2 banks (nationwide and lloyds) that might allow you to bring the negative equity from one property to another - you still need to provide a deposit for new house, interest rates higher than "standard rates" and I don't know if it applies to NI. Might be an option http://citywire.co.uk/money/in-negative-equity-you-can-still-move-your-mortgage/a689575
  21. http://www.bbc.co.uk/news/uk-northern-ireland-25159577 Four Corners Hotel 'agreed for sale' by administrators A Belfast hotel that had been effectively repossessed by the former Bank of Scotland Ireland (BoSI) has been agreed for sale. The Four Corners, in the Cathedral Quarter, was owned by Corner Blok Ltd, which was placed into administration in 2011. The hotel is leased to Premier Inns and has continued to trade normally. A report from the administrators said a sale has been agreed and "is moving towards completion". It is not clear who the purchaser is or how much they have agreed to pay. The administrators report said that "due to the sensitive nature of the matter we are unable to provide any further details at this time". The hotel, which is a restored building on the junction of Waring Street and Donegall Street, opened in 2008. Corner Blok had borrowed £13m from BoSI to develop the project. The bank appointed administrators after a delay in the payment of interest. BoSI no longer exists. It was shut down by its parent company, Lloyds, after suffering catastrophic losses on property loans. Its loan book is being wound down by a company called Certus. The bank lent heavily to the hospitality sector across Ireland. It also funded the Lough Erne hotel and golf resort in Fermanagh, another hotel that is being sold out of administration.
  22. I think that unless there is some other shock to the financial system we have reached the bottom for the next 2 years anyway. Don't think there will be any interest rise for the next two years - which means the saving rate will still be abysmal - this is bringing back people into the housing market that think this is the only way to make a decent return - think this is deliberate government policy. Houses in the lower end seem to be attracting enough people to prevent any further falls. Area that have always been interested in, at the start of the year had plenty of semi detatched properties (<£250k) on the market for years now has none. Any that does come on get sale agreed quickly and above the asking price. I could only afford to buy a house in the area if I got a mortgage 4 times my income - which from checking most of the bank websites - most banks would still do - but i wouldn't.
  23. but will the banks act in a responsible way? http://www.dailymail.co.uk/money/news/article-2516018/Mark-Carney-fails-burst-house-price-bubble.html Mark Carney fails to burst house price bubble as banks still hold billions in cheap cash to offer rock-bottom mortgages for years Bank of England boss Mark Carney’s attempts to calm the housing market could be doomed to failure as banks will still be able to access a flood of cheap cash to provide rock-bottom home loans for years. Carney took action last week to curtail the Funding for Lending scheme, which allowed banks to access cheap cash if they lend more to households and businesses. He said that in future the scheme would apply only to small business lending, amid fears that along with other help for mortgage lenders it was leading to unsustainable rises in house prices that could derail economic growth. But his attempt to put a lid on the booming property market faces unexpected hurdles after official figures showed that banks have used only a fraction of the allowances they have built up through the scheme, meaning that they can still access  many billions of pounds in cheap financing to provide mortgages. So the likelihood of continued low interest rates will force the Bank to look at other measures if it feels house price inflation needs to be reined in. The revelation is likely to cast a shadow over Chancellor George Osborne’s Autumn Statement this week. Ray Boulger, a mortgage expert at broker John Charcol, said key indicators suggested that a rise in mortgage rates was unlikely. ‘The market is taking it all in its stride,’ he said. Indeed, first-time-buyers borrowing up to 95 per cent of their home’s value could even see rates fall, due to big increases in the number of firms offering high loan to value mortgages. Boulger said he thought any rate rise by the Bank of England was still ‘at least two years away’. The Funding for Lending initiative and Help to Buy – the Government-backed scheme to provide mortgage guarantees for first time buyers – have led to a resurgence in property values in some regions of the UK. House prices are 12 per cent higher in London than they were in November 2007, the peak of the market, according to Land Registry figures, though prices in other parts of the country are 9 per cent lower than they were then.
  24. From the guardian http://www.theguardian.com/business/2013/nov/29/mark-carney-bank-of-england-home-buyer-warning Mark Carney warns house buyers: can you afford the mortgage? Home-owners should not rely on being bailed out of any future difficulties by rising house prices, Bank of England governor warns The governor of the Bank of England has issued a blunt warning to potential home-owners that they must be able to pay their mortgages when interest rates go up and not rely on being bailed out of any future difficulties by rising house prices. In an interview with the Guardian, Mark Carney said on Friday that Threadneedle Street's decision to rein in mortgage lending was designed to head off a boom-bust in the property market at an early stage and avoid drastic policy action in the event of a bubble.
  25. I know in a ideal world grants or subsidies would not be required but to me this represents value for money. If it takes 165 off the unemployment list it will probably save £850k from that budget. Jobs would probably employ people in the 18-24 age bracket which i think has an unemployment rate near enough 1 in 5. Pay wouldn't probably be great (£13k-£16k) but I know at that age how desperate I was for any job. Manufacturing jobs would be better but we just can't compete most of the time with the far east.
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